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Next admits ‘procedural oversight’ in dividends

Next has announced it made a “procedural oversight” in the way it processed payment of certain dividends, although it assured shareholders that there is no change to the financial outlook of the company.

The issue related to the payment of the special interim dividend of 50p per share paid on February 3 2014, the ordinary interim dividend of 50 per share paid on January 2 2015, the special interim dividend of 50p per share paid on February 2 2015, and the special interim dividend of 60p per share paid on November 2 2015.

“The issue is of an historic nature and there is no change to the financial outlook of the company as a consequence of this technical matter,” said the company in a filing to the stock exchange this morning. “It also has no impact on the company’s intentions or ability to continue returning its surplus cash flow to shareholders via future special dividends or share buybacks.”

Next does not need to restate any past accounts and no dividends are expected to be repaid as a result. It did not have to pay a fine or penalty.

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